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1.
simply it means when you're in the stage of life that comedian Danny Thomas referred to as "young and foolish". In the hit "New World Man" the band Rush details this further with the verses:

He's old enough to know what's right but young enough not to choose it

He's wise enough to win the world but fool enough to lose it

He's a New World Man...
I was at the souvenir tent drinking a Coke before Sevara hit the stage to open for Peter Gabriel that night when I ran into Bryan. He was showing the girls his tattooed legs. His tattoos were symbols of all the rock concerts he'd been to so far.

There was the tongue + lip for the Rolling Stones, a prism for Pink Floyd and so forth. One blonde beauty pointed to a hand of playing cards that said "U2" on them, asking how is U2 associated with poker. Bryan simply deadpanned, "I was young, dumb and full of cum".
by Polaris Germain February 20, 2011